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MONTHLY ECONOMIC UPDATE JANUARY 2019 Ministry of Finance

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MONTHLY ECONOMIC UPDATE JANUARY 2019 Ministry of Finance MONTHLY ECONOMIC UPDATE JANUARY 2019 Ministry of Finance and Economic Development TABLE OF CONTENTS HIGHLIGHTS.......................................................................................................................................... 2 INTRODUCTION .................................................................................................................................... 3 PUBLIC FINANCES ................................................................................................................................ 3 Revenue ............................................................................................................................................. 4 Expenditure ....................................................................................................................................... 6 Budget Balance & Financing ........................................................................................................... 8 DOMESTIC DEBT .................................................................................................................................. 8 SECTOR HIGHLIGHTS .......................................................................................................................... 9 Agriculture ......................................................................................................................................... 9 Rainfall Update .............................................................................................................................. 9 Tobacco ........................................................................................................................................ 10 Livestock ...................................................................................................................................... 10 Stocks to GMB ............................................................................................................................. 11 MINING ................................................................................................................................................ 11 Gold............................................................................................................................................... 11 Electricity Consumption ............................................................................................................. 12 Mineral Exports ........................................................................................................................... 12 International Mineral Prices ...................................................................................................... 12 ENERGY ................................................................................................................................................ 13 INFRASTRUCTURE PROJECTS .......................................................................................................... 15 ZIMBABWE STOCK EXCHANGE......................................................................................................... 18 INVESTMENT ....................................................................................................................................... 19 EMPLOYMENT SITUATION ................................................................................................................ 20 EXTERNAL SECTOR ............................................................................................................................ 21 PRICES AND THE FINANCIAL MARKET ........................................................................................... 23 Inflation Developments .................................................................................................................. 23 CONCLUSION ...................................................................................................................................... 24 1 HIGHLIGHTS Total Revenues for January 2019 of US$487.6 million and Total Expenditures of US$385.2 million. A budget surplus of US$102.4 million was realised in January 2019. Inflationary pressures continued to persist in January, with annual inflation standing at 56.90, and month-on-month inflation at 10.8%. The annual growth in money supply is estimated to have remained flat at around 26.5%. Banking institutions reported a 61.06% increase in aggregate profits in 2018. The ZSE performed relatively well, with the all share index gaining 11.3 points (7.7%). Rainfall improved significantly in the month of January 2019. Grain stocks at the GMB remain relatively high at above 1 million tons for maize. Gold output for January 2019, decreased by about 30% relative the January 2018 output. Compared to December 2018, both merchandise exports ($292.6m) and imports ($336.8m) were lower, to give a trade deficit of $44.2m. 2 INTRODUCTION 1. The month of January has over some years been characterised by low industrial activity, as most industries take a break, except for the agriculture and other services sectors. 2. However, public finances were bullish, performing above targets, to give an overall budget surplus for the month. 3. For agriculture, rains improved considerably during the month of January 2019, after a long dry spell in the preceding month, giving a glimmer of hope to farmers, who had lost hope of salvaging anything in this year’s farming season. 4. The pass through effect from the parallel foreign exchange market, however kept feeding into inflation, which recorded 56.9% in January. PUBLIC FINANCES 5. Total revenue amounted to US$487.6 million while total expenditure was US$385.2 million, resulting in a budget surplus of US$102.4 million. A summary of Government finances is presented on the table below. January 2019 Government Finances: US$ million Jan 2019 Total Revenues 487.6 Tax Revenues 468.2 Non-Tax Revenues 19.4 Total Expenditures & Net Lending 385.2 Employment Costs 327.4 Operations & Maintenance 27.8 3 Interest 29.8 Transfers to Provincial Councils & Local Authorities 0.0 Capital Expenditures & Net Lending 0.1 Budget Balance 102.4 Source: MOFED Revenue 6. Total revenue collections for the month of January 2019 amounted to US$487.6 million against a monthly target of US$467.0 million, which is a 4.4% positive variance. Tax revenue amounted to US$468.2 million against a US$455.6 million target, whilst non-tax revenue was US$19.4 million. 7. The notable positive revenue collections in January 2019 was due to the higher than anticipated collections under the excise duty, more specifically from tobacco, airtime, alcohol and fuels subsectors, Intermediated Money Transfer Tax (IMTT) and non-tax revenue. 8. Remarkable performance of excise duty was backed by reviews of specific duties on cigarettes and fuels. 4 January Total Revenue: 2015 - 2019 600.0 487.6 500.0 400.0 345.6 300.0 272.0 273.1 278.0 US$ US$ Million 200.0 100.0 0.0 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Source: MOFED 9. January revenue collections have been following an upward trend since 2015 as indicated on the graph above. This is a result of revenue policy adjustments in each budget statement, improved tax administration efforts by ZIMRA and reduced shutdown time by most companies. 10. The contribution of the various tax heads during the month of January 2019 is as shown below: 5 2019 January Share of Revenue Heads Non-tax revenue 4.0% Individuals 16.4% Companies Other indirect taxes 3.8% 22.8% Other direct taxes 3.7% Excise duties 19.9% VAT 24.6% Customs duties 4.7% Source: MOFED 11. VAT was the highest contributor to total revenue at 24.6% after having been replaced by non-tax revenue in December 2018. The second contributor was other indirect taxes at 22.8% as a result of the IMTT, followed by excise duty (19.9%) and individuals’ income tax (16.4%). Expenditure 12. Total Government spending for the month of January 2019 was US$385.2 million against a monthly target of US$483.4 million, which is a 20.4% positive variance. Of the total expenditure, current spending amounted to US$385.0 million while US$0.1 million went towards capital expenditure and net lending. 13. The positive variance is a result of under expenditure on both current and capital expenditure and net lending. 6 January Total Expenditure: 2015 - 2019 450.0 398.9 400.0 385.2 357.4 350.0 319.6 308.1 300.0 250.0 200.0 US$ US$ Million 150.0 100.0 50.0 0.0 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Source: MOFED 14. The highest expenditure was on employment costs at 48.7%, followed by employment costs at 85.0%, which was inclusive of transfers to grant aided institutions and Government’s contribution to medical aid and NSSA. 2019 January Share of Expenditure Heads Capital Operations & Expenditures & Net Maintenance Lending 7.2% Interest 0.1% 7.7% Exployment Costs 85.0% Source: MOFED 7 15. Interest payments amounting to US$29.8 million in January 2019 against a target of US$19.3 million was 7.7% of the total expenditure. Budget Balance & Financing 16. A budget surplus amounting to US$102.4 million was realised in January 2019. Government was also able to repay the TBs amounting to US$95.9 million which were maturing in the month. This subsequently shows the commitment of Government to honour its domestic debt on time. DOMESTIC DEBT 17. In January 2019, domestic debt stock stood at US$10 billion up from US$9.65 billion in December 2018. This represents a US$454.3 million increase in domestic debt. 18. TBs issued to pay for previous fiscal years’ Government debt continue
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